2023-10-25 06:21:45
The French industrial cable group Nexans saw its turnover decline in the third quarter of 2023 and over the first nine months of the financial year, but maintains its financial forecast for 2023, raised in the first half, by banking on increasing electrification economy.
For 2023, the group is still counting on a gross operating surplus (Ebitda) of between 610 and 650 million euros, despite an overall decline, over the first nine months, in its “common metals” turnover of – 6.8% to 5.9 billion euros, in a press release published on Wednesday.
At constant metal prices, the “standard” turnover, calculated to neutralize the effect of variations in the prices of non-ferrous metals, fell by 2.4% to 4.9 billion euros.
“Faced with geopolitical and economic uncertainty, we are committed to maintaining and improving our performance, and we confirm our forecasts for the whole year, revised upwards last July,” declared the director general of Christopher Guérin group, cited in the press release.
The drop in turnover comes in particular from the gradual cessation of the umbilical cable activity, used mainly in the oil and gas sector, explains the group.
Nexans also suffered “from the delay in ramping up the Charleston plant in the United States”, the only underwater high voltage manufacturing plant in the United States, where cables connecting offshore wind fields to the continent.
But the group indicates that it “is now complete” and that its “energy production and transmission” activity experienced a “rebound” in the third quarter.
In this activity, the group reports an adjusted order book of 5.2 billion euros at the end of September 2023, up 115% compared to the same period last year.
To cope with this increase in orders for submarine electrical cable installations, the group recalls its decision to invest “in a new ultra-modern and technologically advanced cable ship, operational in 2026”.
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